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Treasury Sees Return To Budget Surplus By 2024, Cuts Bond Issuance Plan

NEW ZEALAND

New Zealand releases the Half-Year Economic and Fiscal Update (HYEFU):

  • The Treasury now projects budget surplus by the end of the year ending June 2024. The Budget Economic and Fiscal Update (BEFU) from May projected budget deficits until 2027.
  • Net debt is expected to peak at 40.1% of GDP, rather than 48% forecast in the BEFU, before easing to 30.2% of GDP by 2026.
  • New Zealand Debt Management slashes bond issuance programme by NZ$31bn over four years through June 2025. They no longer plan to issue a second new bond in 2022.
  • FinMin Robertson says that the economy is "operating close to its potential and no longer requires the broad economic stimulus that has helped us through the initial impact of Covid."
  • Click here to see the full HYEFU.
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